Crude oil futures dip on weak global cues

Crude oil prices fell by Rs 26, or 0.71 per cent, to Rs 3,645 per barrel in futures trade today on emergence of selling in tandem with a weakening global trend.

Trading sentiment turned bearish after oil prices eased in Asian trade after surging the day before, as investors weighed the effects of China's announcement that it would allow a more flexible yuan currency.

At the Multi Commodity Exchange, crude oil for August contract fell by Rs 26, or 0.71 per cent, to Rs 3,645 per barrel, with an open interest of 1,232 lots.

Similarly, the oil for delivery in July contract declined by Rs 18, or 0.50 per cent, to Rs 3,596 per barrel, with a business turnover of 12,009 lots.

 

Marketmen said emergence of selling in tandem with a weakening global trend pulled down crude oil prices at futures trade.

Meanwhile, New York's main futures contract, crude for delivery in July dipped 42 cents to $77.40 a barrel.